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The Impact of Business Intelligence on Financial Planning, Budgeting, and Forecasting: Aiding Insight and Confidence

In a constantly changing environment, organizations need to be armed with immediate access to all pertinent information to alter plans and forecasts to ensure that they reflect current business conditions. Additionally, 21% cited an inability to trace business success to its key components. But maybe most damning, 30% of respondents to a question collected for that same report noted that too many of their business decisions are based on inaccurate or incomplete data as a top pressure influencing them to factor analytics into planning, budgeting, and forecasting. Truly, Business Intelligence (BI) and predictive analytics are tools that can have a significant impact on the planning, budgeting, and forecasting processes due to their ability to enable more robust data to decision-makers in the face of the challenges referenced above. This report will examine the adoption rates of BI and predictive analytics as well as illustrate the capabilities that these technologies enable organizations with and their impact to the bottom line.

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